13亿元募投项目被深交所问询 广电计量回应：系对现有业务扩产、升级

Core Viewpoint - The company, Guangdian Jiliang, has responded to regulatory inquiries regarding its fundraising plans and the high levels of accounts receivable, emphasizing the necessity and rationale behind its investment projects aimed at expanding and upgrading its existing business capabilities [1][2][4]. Fundraising and Investment Projects - Guangdian Jiliang plans to raise up to 1.3 billion yuan through the issuance of no more than 67.13 million shares, targeting projects in aviation equipment testing, AI chip testing, and satellite internet quality assurance [1]. - The company asserts that the fundraising projects are not duplicative investments but rather enhancements to existing services, focusing on strategic emerging fields [3][4]. Accounts Receivable Concerns - The company's accounts receivable have been a focal point for regulators, with values reported at 1.202 billion yuan, 1.274 billion yuan, 1.328 billion yuan, and 1.375 billion yuan for the years 2022, 2023, 2024, and the first half of this year, respectively [1][2]. - Accounts receivable accounted for over 45% of current assets in the latest reporting period, with a turnover rate of only 0.46 times [1][2]. Client Classification and Payment Terms - The company categorizes clients into three groups (A, B, C) based on transaction size and payment history, with a significant portion of accounts receivable attributed to government and special industry clients, which typically have longer payment cycles [2]. - The company indicates that the high proportion of accounts receivable relative to revenue is due to the time required for clients to settle payments after receiving inspection reports [2]. Capacity and Market Position - Guangdian Jiliang claims its current capacity utilization is above the industry average, necessitating further investment to enhance competitiveness and meet market demands [4]. - The company has secured substantial orders for its new testing platforms, indicating a strong pipeline to support future revenue growth [5]. Previous Fundraising and Project Adjustments - In May 2021, the company raised 1.486 billion yuan for various projects, but some of these have been delayed until 2025 due to market conditions and operational assessments [5][6]. - The company has reallocated unspent funds from previous projects to new initiatives aimed at expanding its business coverage in the central region of China [6].